Asian shares gain on recovery hopes
Asian share markets recorded a positive performance on Tuesday. The series of gains could be attributed to signs of recovery from the COVID-19 crisis as major economies across the world resumed their economic activity.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.05%, tracking Wall Street’s overnight rally. Hong Kong’s Hang Seng index started 0.3% higher. Australian shares also gained as sentiment was fueled by expectations that the Reserve Bank of Australia will keep its 0.01% cash rate.
Federal Reserve Chair Jerome Powell said that the economy of the United States was faring well. However, it was not “out of the woods yet” as the central bank plans on releasing a study on the disparate effects of the coronavirus pandemic on the country’s different demographics.